Aevi Genomic Medicine (GNMX), a clinical-stage biopharmaceutical company, reported after markets closed on Wednesday disappointing results from the Placebo-controlled “Ascend” trial of AEVI-001 in children aged 6-17 with “Attention Deficit Hyperactivity Disorder” (ADHD).
The “Ascend” trial did not achieve statistical significance on the primary endpoint of reduction of ADHD-RS after six weeks of treatment with AEVI-001, the company said in a statement. AEVI-001 was safe and well tolerated, it added.
“We are very disappointed that the [Ascend] trial did not achieve its primary endpoint,” Aevi CEO Michael Cola said in the statement. “We plan to conduct a full review of the data with our scientific advisers in the coming days and consider our options.”
He also said that in the near-term, the company anticipates reducing the scope of its operations to preserve its net working capital, which was $5 million as of Dec. 31.
Shares cratered 70% after coming off a trading halt.